New governments are nothing new to the Italians. I don't know if this is STILL the case, but for many years (at least through the 1980s), Italy averaged one government per year since World War II.
I don't know how many currencies that might have involved - but it explains why Italy has some of the world's highest gold holdings per capita.
Monti Poised to Form New Italian Government
By Lorenzo Totaro and Chiara Vasarri - Nov 16, 2011 7:05 AM ET
Bloomberg.com
Italian Prime Minister-designate Mario Monti will announce his new government today as he strives to convince investors he can trim Europe’s second-biggest debt and fend off contagion from the euro-area sovereign crisis.
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Italian bonds gained for the first day in three, with the 10-year yield falling 15 basis points to 6.92 percent at 12:30 p.m. in Rome.
Once sworn in, Monti must show he’s serious about cutting the world’s fourth-biggest debt to restore confidence among investors who have shunned Italian bonds and sent financing costs to 15-year highs.
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That political backing may be vital to Monti’s success should Italians turn against his efforts once further austerity measures are introduced. The government may be forced to sell off state assets, introduce property and wealth taxes and cut spending on health care, pensions and education, said Nicola Marinelli, who oversees $153 million at Glendevon King Asset Management in London.
“When all this is clear to the wider public, I think that the public backlash would be such that the parties that are backing him today, in a lukewarm and forced way, will change course quicker than Lady Gaga changes dresses,” Marinelli said.
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Full story: http://www.bloomberg.com/news/2011-11-15/monti-confident-italy-can-overcome-crisis-as-he-prepares-cabinet-unveiling.html
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